SouthState Bank Corp (SSB) News & EventsSSBSouthState Bank Corp

Q3 Net Interest Margin at 3.78%, Tangible Book Value Up 7%

Reports Q3 net interest margin 3.78%. Tangible book value per share was of $58.19, up 7% year over year. Tier 1 common equity ratio was 11.1% vs. 11.1% in the previous quarter and 11.5% a year ago. "The third quarter was marked by strong balance sheet growth and a stable net interest margin," said CEO John Corbett. "Loans and deposits each grew at a 9% annualized rate, with growth broad-based across our geographies and business lines, and boosted by the bankers we've added over the past year. Asset quality remains favorable, and while capital markets activity softened as treasury yields rose, the core franchise continues to perform well."

SouthState CEO Emphasizes Balance Sheet Growth and Shareholder Returns

"We continue to make progress on our priorities of balance sheet growth, opportunistic hiring, active share repurchases and building our artificial intelligence capabilities," said John Corbett, SouthState's Chief Executive Officer. "The second quarter featured solid loan growth, a stable net interest margin, unchanged deposit costs, and improved efficiency. Asset quality trends also improved, with a decline in non-accruals and charge-offs of just 6 basis points. Over the past year, we've retired nearly 5% of our share count, raised our dividend by 11% and grown tangible book value by 13%. We remain focused on delivering for our shareholders."

SouthState Reports 7% Loan Growth and 5% Deposit Growth in 2023

"SouthState opened the year with strong momentum, posting solid balance sheet growth, record pipeline activity, and healthy profitability," said John Corbett, SouthState's CEO. "On an annualized basis, loans increased 7% and deposits grew 5%, and we continue to attract talented commercial bankers who are helping drive future growth. Asset quality remains strong, with annualized net charge-offs of just 9 basis points. In terms of profitability, we delivered a return on average assets of 1.37%. Over the past year, tangible book value per share increased 14%, even as we repurchased nearly 4% of our shares - underscoring our confidence in SouthState's performance and our commitment to creating long-term value for shareholders."